WeWork Says It’s Cutting 2,400 Jobs, Almost 20% of Workforce (3)

Long-anticipated layoffs at WeWork have begun, part of the struggling office-sharing company’s plan to cut costs after staggering losses.

WeWork said Thursday that the reductions will affect 2,400 employees globally. They will receive severance and continued benefits and other forms of assistance, according to an emailed statement.

The job cuts represent almost 20% of the company’s global workforce, which totaled 12,500 as of June 30. Bonds WeWork issued last year to help fund its expansion fell deeper into distress on Thursday, reaching a record low of 69.7 cents on the dollar, according to Trace bond pricing data.

“We are grateful ...